We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
APR is it fair?
Options

ryantcb
Posts: 273 Forumite
I wanted to delete this post but cant see how
142.3312 148.0244 153.9454 160.1032
142.3312 148.0244 153.9454 160.1032
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
0
Comments
-
Yes, APR means ANNUAL percentage rate.
What you seem to have missed in your understanding is that the credit card company is levying an APR of approx 60%. I can't believe they stated otherwise.However hard up you are, never accept loans from your friends. Just gifts0 -
there are very very few CC that offer 4%APR
generally they charge 20-30% .. maybe you are looking at there monthly rate rather than APR
however if they did offer 4% APR, then on 100 they would add £0.3274 to the debt in interest for the first month
the second month your debt would be 100.3274 so the interest would be £0.3284
so in the third month then your debt would be £100.6558
and the interest would be 0.3295
........
after 12 months the total will be £1040 -
OP might have deleted his post but this sounds like Vanquis.
They post the Simple interest rate on their statements, and when I call them they also quote the annual simple interest as the APR.
I typically have to ask three to four times "I know you are quoting the simple interest rate. That is NOT what I asked for, tell me the ANNUAL percentage rate, or pass me through to your supervisor" then they cough up the real figure.
They keep claiming that my OH has an APR of 45%. He doesn't, it's 59.9%
Lying scoundrels, good job I clear in full every monthCashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards